GTR Trade Finance eNews - January 2010
Australia continues to support PNG LNG
The Australian export credit agency EFIC has again lent its support to the US$18bn LNG project in Papua New Guinea.
Calyon to become Credit Agricole CIB
Calyon is set to change its name to Credit Agricole Corporate and Investment Bank on February 6, 2010.
JP Morgan Tokyo branch gets foreign bank licence
JP Morgan Chase Bank, Tokyo branch has received a foreign bank agency licence from the Financial Services agency in Japan.
US Ex-Im triples financing authorisations
The US Ex-Im authorised a record US$9.9bn in loans, guarantees and insurance during the first quarter of fiscal year 2010.
HSBC boosts Greater China trade team
HSBC has made several senior appointments across Greater China and Taiwan.
Gardner joins Deutsche Asia team
Deutsche Bank has named Paul Gardner as managing director, regional head of structured trade and export finance, Asia Pacific.
Surecomp teams up to enhance TF solutions
Surecomp has teamed up with IT solution provider Callataÿ & Wouters, to develop and market financial management solutions in Europe, the Middle East, Africa and the Americas.
Levels of UK exports soar
The value of exports by British companies as a whole increased by £723mn (US$1.16bn) between Q2 and Q3 2009.
EBRD ups 2010 forecasts for emerging Europe
The EBRD expects emerging Europe to expand by an average of 3.3% in 2010, but with stark variation across the region.
Coface sees end of global credit crisis
A 40% reduction in payment defaults in the second half of 2009 indicates that the credit crisis is over, says trade credit insurer, Coface.
IFC addresses bad loans in Eastern Europe
The IFC plans to invest up to €100mn to buy non-performing loans in Central and Eastern Europe, working alongside Värde Partners, a specialised distressed debt and asset firm.
IADB trade programme signs Guatemalan first
The Inter-American Development Bank (IADB) has signed a loan agreement with Banco G&T Continental (G&T).
DLA Piper allies with Kenyan law firm
International law firm DLA Piper has strengthened its African presence allying itself with the Kenyan law firm Iseme Kamau & Maema Advocates (IKM Advocates).
CDC commits to microfinance fund
UK development finance institution CDC is committing US$10mn to fund manager ShoreCap Management’s microfinance fund, ShoreCap (SC) II.
AfDB signs technical assistance grant
The AfDB and the African Trade Insurance Company have signed a grant of US$1mn from the Fund for African Private Sector Assistance (FAPA).
FIMBank makes key appointments
Malta-based FIMBank has made three new appointments in an effort to further strengthen its abilities in trade finance.
Baft and IFSA merge
The Bankers’ Association for Finance and Trade (Baft) and the International Financial Services Association (IFSA) have formally merged.
EGPC looking to raise debt
Egypt’s state-owned oil company Egyptian General Petroleum Corporation (EGPC) is looking to select lenders for a US$2bn 58-month debt financing, according to market sources.
Tatneft likely to return to market
Russian oil company Tatneft is likely to be tapping the financial markets again in 2010.
VEB closes first syndicated Russian bank loan for 2010
Russia’s Vnesheconombank has raised a three-year syndicated loan worth US$700mn and €100mn with a group of international banks.
AfDB champions East Africa road project
The AfDB has signed a US$125.6mn loan agreement with the Ethiopian government to finance the second phase of the Mombasa-Nairobi-Addis Ababa road corridor project.
SEB hires new Russian TF head
Inga Korneliusa has replaced Yury Kasyanenko as head of cash management and trade finance for SEB in St Petersburg.
Canadian exporters remain confident
Canadian exporters are confident that sales will improve over the next six months, according to Export Development Canada’s (EDC) semi-annual Trade Confidence Index (TCI).
US Ex-Im backs Colombia's Ecopetrol
US Ex-Im has approved a US$1bn preliminary commitment to finance the sale of goods and services from various US exporters to Ecopetrol, Colombia’s national oil company.
UBA opens in Zambia
United Bank for Africa (UBA), the pan-African banking group, has opened its Zambian operations.
Thailand's KBank expedites China payments
Thailand’s Kasikornbank (KBank) has deployed JP Morgan’s US dollar clearing – Asia direct solution to offer faster US dollar payments to its clients in China.
EBRD finances Bulgarian wind farm
The EBRD is supporting the development of renewable energy in Bulgaria with a €60mn syndicated loan.
Aon calls for UK government to provide bond support
Aon Trade Credit is calling for the UK government to play its part in providing bond support to boost UK exports.
Miga supports investments in Sierra Leone
Miga has signed two contracts with private equity funds raising capital to invest in a number of small-scale companies in Sierra Leone.
Forum demands change in risk management
A report released by the World Economic Forum highlights underlying risks that contributed to and were exacerbated by the financial crisis.
TradeCard achieves considerable revenue growth
TradeCard, the supply chain collaboration platform, has reported a 10% growth in revenue in 2009.
Santander expands UK TF team
Santander Corporate Banking has made two appointments to its regional UK trade finance team.
Thailand Exim appoints VP for legal affairs
The Export-Import Bank of Thailand (Thailand Exim) has named Senut Chavana as first vice-president of its office of legal affairs.
IFC and Japan simplify loans in developing countries
The Development Bank of Japan and the IFC have agreed to streamline the process for providing loans to companies in developing countries.
Research highlights Basel II problems
Research provider Global Business Intelligence (GBI) has completed the first benchmark around Basel II capital allocations for trade finance.
Global trade finance volumes up from 2008
Dealogic tables for 2009 indicate global trade finance volumes reached US$155.1bn in 2009, up 3% on 2008.
Tiger Airways concludes second aircraft financing
Tiger Airways has partnered with Standard Chartered Bank to arrange financing for the advanced delivery of five Airbus 320-200 aircraft.
New chairman for ECGD
The UK export credit agency ECGD has appointed Guy Beringer as its non-executive chairman.
IFC and Sweden boost TF in emerging markets
Sweden will provide up to US$125mn to expand the availability of trade finance for the developing economies of Central and Eastern Europe.
Macey-Dare returns to Marsh
Insurance broker Marsh has appointed Julian Macey-Dare as international leader of its political risk and structured credit practice.
Opic backs lending in Israel
The Overseas Private Investment Corporation (Opic) will provide US$10mn in financing to support lending to small businesses in Israel.
BNDES ends year with record disbursements
Brazilian development bank BNDES made the greatest number of disbursements ever in 2009, with R$137.3bn (US$78.7bn) releases.
Temenos makes biggest acquisition to date
Provider of integrated core banking systems Temenos has acquired the French core banking systems provider, Viveo Group for US$81mn.
Russia's FactorRus appoints new CEO
Boris Melnikov has been appointed CEO of FactorRus, a factoring joint-venture of Transcapitalbank, FIMBank and the IFC.
ABB wins order for Saudi power plant
Power and automation technology group ABB has won a US$48mn order to deliver a substation for a new power plant in Saudi Arabia.
Japan backs Indian infrastructure
Jbic has signed a US$75mn untied loan agreement with the India Infrastructure Finance Company (IIFCL).
Korea’s Kogas gets refinancing for LNG project
Korean Gas Corporation (Kogas) has completed syndication of a US$631mn refinancing facility, signed in December 2009.
IADB sets record levels of approvals
The Inter-American Development Bank (IADB) set record levels of loan approvals and disbursements in 2009.
Calyon adopts Misys solution
Calyon has selected Misys Trade Portal to strengthen its trade services capabilities.
Eskom signs ECA-backed facility
South Africa’s power company Eskom has concluded ECA-covered financing arrangements for €1,185mn with five French banks.
US Ex-Im supports exports to Bolivia and Turkmenistan
The Export-Import Bank of the United States (US Ex-Im) will provide financing for purchases of US exports by buyers in Bolivia and Turkmenistan.
Tiger Airways to obtain ECA-backed aircraft financing
Tiger Airways has partnered with Standard Chartered Bank in its first ECA-backed financing arrangement for the purchase of two new Airbus A320-200s.
NLMK signs pioneering ECA financing
Leading Russian steel producer Novolipetsk Steel (NLMK) has signed its first ever multi-source export credit agency (ECA) financing, for €524mn.
IFC expands access to finance in Central Asia
The IFC is launching a three-year project to improve access to finance for SMEs in Azerbaijan, Kyrgyz Republic, Tajikistan and Uzbekistan.
Swiss bank adopts Credoc software
Cornèr Banca has chosen Credoc Windows, provided by Swiss firm MIT, as the software to support its trade finance operations.
Coface gets capital injection
Coface’s shareholder Natixis will increase its capital by €175mn in the first quarter of 2010.
Deacons Australia joins Norton Rose Group
Deacons Australia officially joined the Norton Rose Group on January 1, following the completion of successful votes by the respective partnerships in June last year.
